Down Payment Calculator
Work out the deposit needed and how long it takes to save it.
Please note: Estimates only, not investment or legal advice. Property markets, taxes, fees and lending rules vary by location and change over time. Verify figures with a qualified professional before committing.
What the Down Payment Calculator does
The cash you need to buy is the down payment plus closing costs, which people routinely forget. Reaching 20% matters because it typically removes mortgage insurance, so the jump from 15% to 20% often pays for itself quickly.
Formula
Down payment = Price × Down payment percentageTotal cash needed = Down payment + Closing costsLoan-to-value = (Price − Down payment) ÷ Price × 100
Inputs explained
| Input | Unit | Required | Notes |
|---|---|---|---|
| Property price | selected currency | Yes | Accepts more than 0. |
| Down payment percentage | % | Yes | — |
| Current savings | selected currency | Optional | Accepts 0 or more. |
| Monthly saving | selected currency | Optional | Accepts 0 or more. |
| Interest on savings | % | Optional | — |
| Closing costs | % | Optional | Percent of price — legal fees, survey, taxes. |
| Currency | one of 10 options | Optional | — |
How to use it
- Choose Currency.
- Enter Property price and Down payment percentage.
- Optionally add Current savings, Monthly saving and Interest on savings.
- Select Calculate.
Worked example
A $350,000 property at 20% down with 3% closing costs, $40,000 saved, $1,500 a month at 4%.
- Price
- 350000
- Down
- 20
- Savings
- 40000
- Monthly
- 1500
- Rate
- 4
Down payment $70,000 plus $10,500 costs = $80,500. With $40,000 saved, about 24 months of saving remain.
Reading the result
- Compare "extra needed to reach 20%" as a one-time cost against what mortgage insurance would cost monthly over your expected time in the loan — that comparison, not the raw dollar figure, is what tells you whether topping up to 20% is worth it.
- The percentage table shows the cost curve is not linear: the jump from 15% to 20% down removes an ongoing monthly cost, not just a bigger upfront number, which is different in kind from every smaller step in the table.
Assumptions and limitations
- The savings timeline assumes constant monthly contributions and a constant interest rate for the whole period, with no allowance for the property price itself rising while you save — a genuinely relevant gap here, since the target price is held fixed even though the calculator is projecting months into the future.
- Closing costs are entered as a flat percentage of price, though real costs are often a mix of fixed and percentage-based fees that scale differently at very high or low price points.
Common mistakes
- Not rerunning the savings timeline after the target property price changes — a higher price simultaneously raises both the down payment and the closing-cost dollar amount, compounding the effect on the time needed.
- Entering an optimistic investment return for savings that are actually needed within months — a deposit due soon is usually kept in cash or a low-risk account, so an aggressive rate here understates the real time to save.
Frequently asked questions
Is 20% down always best?
Not necessarily. Buying sooner with 10% can beat waiting two years if prices rise faster than you save. Weigh mortgage insurance against the cost of delay.
What do closing costs include?
Legal fees, survey, lender fees, title insurance and transfer taxes. They vary widely by jurisdiction — stamp duty alone can exceed 5% in some markets.